CEIS-Tor Vergata is pleased to inform you that, on Friday March 1st, 2013 at 12.00 pm, prof. Dimitris Georgarakos (European Central Bank, Goethe University Frankfurt and CFS) will present a paper on “Household Debt and Social Interactions” ABSTRACT Debt-induced crises, including the subprime, are usually attributed exclusively to supply-side factors. We uncover an additional factor contributing to debt culture, namely social influences emanating from the perceived average income of peers. Using unique information from a representative household survey of the Dutch population that circumvents the need to define the social circle, we consider collateralized, consumer, and informal loans. We find robust social effects on borrowing—especially among those who consider themselves poorer than their peers—and on indebtedness, suggesting a link to financial distress. We check the robustness of our results using several approaches to rule out spurious associations and handle correlated effects. The Seminar will be held at the Faculty of Economics, University of Rome "Tor Vergata", B-building, 1° floor, room B Please, go to www.ceistorvergata.it for the complete list of seminars and events at CEIS. How to reach us: http://web.uniroma2.it/mobilita/index.html http://www.economia.uniroma2.it/area.asp?a=867 Barbara Piazzi __________ Informazioni da ESET NOD32 Antivirus, versione del database delle firme digitali 8048 (20130225) __________ Il messaggio è stato controllato da ESET NOD32 Antivirus. www.nod32.it |
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